Fixed mortgage rates have dropped for an eighth straight week, but the low rates have done little to boost the depressed housing market, The Associated Press reports.
The average rate on the 30-year loan fell to 4.49 percent from 4.55 percent, Freddie Mac said Thursday. The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.68 percent from 3.74 percent. Both are lows for the year.
Rates tend to track the yield on the 10-year Treasury note. The 10-year yield has been dropping as investors have snapped up Treasurys over fears that the economy is slowing.
